Lear renames electrical business segment to emphasize connectivity

Southfield-based Lear Corp. announced Tuesday that it renamed its electrical business segment E-Systems to better reflect the complexity of its automotive electrical systems.

"With 21 first-to-market innovations in the last four years and over 600 software engineers globally, we are extremely well positioned to capitalize on the mega-trend of vehicle connectivity," said Matt Simoncini, Lear president and CEO, in a statement.

Praveen Singh, vice president of Lear's connectivity business, told Crain's that the company is a few years away from offering a completely integrated modular unit to customers that connects vehicles to infrastructure, other vehicles and the cloud.

"With our industry-leading electrical systems portfolio and a global low-cost footprint, we expect to be able to grow our E-Systems business at an annual rate of five percentage points above market growth over the next five to seven years," said Simoncini in a statement.